SFG Australia, the merged company of Snowball Group and Shadforth Financial, has changed the status of the Asgard platform to be a legacy product, as the group renews the contracts for BT Wrap and Colonial First State Custom Solutions' Symetry Portfolio Service Platform.
"We are running with both the Symetry and the BT Wrap platform for the next stage of our development," SFG managing director Tony Fenning told InvestorDaily yesterday.
"We have also identified the Asgard platform and we see it as a legacy platform. So that is a change in status from current to legacy," Fenning said.
The change in status means SFG Australia will not put any new clients onto the platform, but will continue to use Asgard for existing clients.
"Clients can still top up and make contributions," Fenning said.
Speculation in the market pointed to SFG Australia switching its assets from BT Wrap to the Colonial First State Firstchoice platform.
But SFG Australia yesterday confirmed it had retained BT Wrap as a preferred platform.
"From our perspective, both Colonial and BT are undertaking some pretty important development work and it doesn't seem to make sense to ship clients en mass from BT Wrap to Colonial or vice versa until we see how those developments pan out."
"It is a sort of watch-this-space. [But] we have renewed the intended use of those platforms for the medium to long term," he said.
SFG has currently about $5 billion in funds under advice (FUA) on the platform, while it has less than $2 billion on CFS' Symetry platform.
Fenning said that it also had $2 billion in FUA on Asgard.
